Canaccord Genuity Maintains a 'Hold' on Cisco (CSCO); CY'12 Sets Up Well, but Fundy Risk Remains in Oct./Jan

Canaccord Genuity maintains a 'Hold' on Cisco (NASDAQ: CSCO), price target lowered to $17 (from $20).

Canaccord analyst, Paul H. Mansky, said, "We are encouraged by the apparent improvement in order rates, ex-Government, and the company is clearly tracking to its reduced opex target (>$1B) entering the new year. Coupled with materially easing comparisons beginning in January, 2012 (calendar) begins to show promise of an attractive setup. Our concern is that between here and there fundamental risk remains high – particularly in Federal (post September), Europe (throughout) and service provider (consumer confidence)."

For more ratings news on Cisco click here and for the rating history of Cisco click here.

Shares of Cisco closed at $13.73 yesterday.

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